Debt....a four letter word

4nTN · #1 03/10/10, 01:20 PM

I`m talking about debt and getting out of it.
Has anyone heard of this company?What is everyones opinion on how this particular company works?

http://www.nationaldebtresolution.com/

Sharon

#2 03/10/10, 01:28 PM

I didn't click on the link as my puter is having issues.

About 10 years ago we got into debt and went to www.genus.com (.org?). They worked with us to get the creditors off our backs. We made one monthly payment, paid them $20 a month, and closed all of our accounts. In return the credit card companies lowered the interest to 3% and stopped calling us. We were out of debt within 2 years. I don't know if they are all still around, but genus did right by us.

Cascade Failure · #3 03/10/10, 01:43 PM

Tonya, what did genus charge you?

Often times, if you are willing to put in the leg work yourself, you do the work of these companies without paying for the service.

LonelyNorthwind · #4 03/10/10, 01:50 PM

Wow Tonya, makes me wish I'd done something like that instead of starving myself nearly to death the last 5 years to get them monkeys off my back. Still got 5,000 to go but if I have a productive summer I can get 'er done. I assumed those 'get out of debt' companies were a scam. So glad to know at least some of them really do help!

geo in mi · #5 03/10/10, 02:11 PM

Sharon,
You're doing the right thing--checking it out first. Looks like they give you some general info, then lead you into signing a contract. Sometimes, you get more debt by paying someone to get you out of debt. I hesitate to jump right in by giving all that personal info--email, address, etc, just to sign up for the next level. I think they could lead you into more and more contracts before it's over. Cautious, I am....

geo

Batt · #6 03/10/10, 02:16 PM

To find a legitimate counselor, contact the National Foundation for Credit Counseling at NFCC.org or call 1-800-388-2227.

The National Foundation for Credit Counseling is the accreditation body for legitimate credit counselors. You can find those legit organizations at its site, nfcc.org. Any fees these companies charge you are nominal and are to cover the cost of handling transactions with your creditors. Check it out.

4nTN · #7 03/10/10, 03:08 PM

Quote:

Originally Posted by geo in mi

Sharon,
Cautious, I am....

geo

I`m trying to be as well.

4nTN · #8 03/10/10, 03:10 PM

Quote:

Originally Posted by Adron

To find a legitimate counselor, contact the National Foundation for Credit Counseling at NFCC.org or call 1-800-388-2227.

The National Foundation for Credit Counseling is the accreditation body for legitimate credit counselors. You can find those legit organizations at its site, nfcc.org. Any fees these companies charge you are nominal and are to cover the cost of handling transactions with your creditors. Check it out.

Thanks,There are lots of scams out there.

4nTN · #9 03/10/10, 03:13 PM

Quote:

Originally Posted by Tonya

I didn't click on the link as my puter is having issues.

About 10 years ago we got into debt and went to www.genus.com (.org?). They worked with us to get the creditors off our backs. We made one monthly payment, paid them $20 a month, and closed all of our accounts. In return the credit card companies lowered the interest to 3% and stopped calling us. We were out of debt within 2 years. I don't know if they are all still around, but genus did right by us.

I was not able to locate this company via the link provided,although when I clicked on it it seemed to come up with a lot of "knock-offs"?That makes me a little leary.

SpaceCadet12364 · #10 03/10/10, 10:16 PM

You might find some helpful information on these boards.....
its worth a look-see anyways.

creditboards.com

debtorboards.com

salmonslayer · #11 03/10/10, 10:36 PM

LISTEN TO ADRON....most of these places are scams or not effective. Contact the NFCC and find out whats available in your area.

#12 03/11/10, 09:14 AM

Why would you think they could do anything that you can't do?

#13 03/11/10, 09:36 AM

Quote:

Originally Posted by Cascade Failure

Tonya, what did genus charge you?

Often times, if you are willing to put in the leg work yourself, you do the work of these companies without paying for the service.

They charged me $20 a month. I tried to do the legwork, but the credit card companies would not budge at all. One call to Genus and some paperwork later and all of the rates were dropped. This was about 10 years ago, so things might have changed. I would go on the website the previous poster had and go from there.

fordy · #14 03/11/10, 09:46 AM

Quote:

Originally Posted by 4nTN

I was not able to locate this company via the link provided,although when I clicked on it it seemed to come up with a lot of "knock-offs"?That makes me a little leary.

I did a single google and found their website....800-650-2770 , fordy

Patt · #15 03/11/10, 09:54 AM

http://www.careonecredit.com/

We have been using this company for 2 1/2 years now. We send them one lump payment and they got our interest rates reduced, extra charges stopped and so on. They charge us a fee of $36 a month, I think that amount varies by how much debt you have, your income, etc. We had over $30,000.

Creditors are actually being a bit harder in this climate because so many people are falling behind and needing help and they know you can't just roll it over to another low interest card anymore. I have no doubt that it would be possible for you to call your creditors and set up something with them. If you only have one or 2 creditors that's probably what I would do. But if you have several I think it is well worth the life force saved to hand it over to someone else. The credit card companies will not be nice and some will harass you for up to 6 months before they will give you a better plan.

The one thing with a CCC or Debt management program is that you will have to close out all of your credit accounts. So be prepared for that.

Feel free to pm me if you have any other questions.

mnn2501 · #16 03/11/10, 10:42 AM

I am sure diffeerent companies do thing differently, but one of my co-workers is involved in one of the Debt reduction places after getting in way over his head (well over $100K on high interest credit cards, with a house and 2 car payments). Basically you stop paying your bills and send money to them, after they get their fee then they put the money you are sending into an account and every so often they contact your creditors to find out if they are willing to settle for pennies on the dollar. if the creditors don't they try again in a few months. All this time you are not paying your bills, your credit gets destroyed - hopefully to be brought back when your creditors finally agree to settle. My co-worker finally had to change his phone numbers as he still got creditors calling him - over all it sounds like a terrible way to get out of debt to me.

Patt · #17 03/11/10, 10:51 AM

Quote:

Originally Posted by mnn2501

I am sure diffeerent companies do thing differently, but one of my co-workers is involved in one of the Debt reduction places after getting in way over his head (well over $100K on high interest credit cards, with a house and 2 car payments). Basically you stop paying your bills and send money to them, after they get their fee then they put the money you are sending into an account and every so often they contact your creditors to find out if they are willing to settle for pennies on the dollar. if the creditors don't they try again in a few months. All this time you are not paying your bills, your credit gets destroyed - hopefully to be brought back when your creditors finally agree to settle. My co-worker finally had to change his phone numbers as he still got creditors calling him - over all it sounds like a terrible way to get out of debt to me.

Never, never, never do this! These are huge scams! These companies claim to be able to settle your debts but actually they charge you enormous fees and if all your creditors won't settle they still get to keep their fees and you are left with ruined credit and still have to pay any debts that were not settled. And all those that do settle show on your credit as charge offs so your credit is destroyed for 7-10 years.

mnn2501 · #18 03/11/10, 11:00 AM

Quote:

Originally Posted by Patt

Never, never, never do this! These are huge scams! These companies claim to be able to settle your debts but actually they charge you enormous fees and if all your creditors won't settle they still get to keep their fees and you are left with ruined credit and still have to pay any debts that were not settled. And all those that do settle show on your credit as charge offs so your credit is destroyed for 7-10 years.

I agree, I would never do this, but my co-worker has already been paying this company for almost 2 years.
He likes his toys too much - but is much better than he used to be. (but still spends more than I would ever spend on [in his words] 'enjoying life')

o&itw · #19 03/11/10, 11:25 AM

Quote:

Originally Posted by zong

Why would you think they could do anything that you can't do?

Credit card debt is usually charged a very high precentage. Sometimes these companies (the legitimate ones) can consolidate the debt into a simple loan with much less interest. Sometimes they can convince the credit companies that a fair interest is better than no payments at all.

Many of them are scams.....find a good one as instructed above.

#20 03/11/10, 11:35 AM

Quote:

Originally Posted by o&itw

Credit card debt is usually charged a very high precentage. Sometimes these companies (the legitimate ones) can consolidate the debt into a simple loan with much less interest. Sometimes they can convince the credit companies that a fair interest is better than no payments at all.

Many of them are scams.....find a good one as instructed above.

Wouldn't that consolidated loan be based on your "loan-worthiness" and be something you could do at your local bank without having to pay a third party to arrange it?